As employment rate continues to worsen amid the second wave of Covid-19, the Centre for Monitoring Indian Economy (CMIE) has said that the Indian labour market is in its worst condition since April-May last year, when the whole country was under lockdown.
Data published by CMIE showed that the unemployment rate, which reached 11.9 per cent in May 2021, continued to rise during early June.
The 30-day moving average unemployment rate as of June 6, 2021, was 13 per cent.
Further, the labour participation rate, that had fallen to 40 per cent, has fallen further to 39.7 per cent and the most important labour market indicator, the employment rate, which had fallen to 35.3 per cent in May, dropped to 34.6 per cent by June 6, 2021.
"The Indian labour market is in its worst condition since the nation-wide lockdown months of April and May 2020," CMIE's CEO Mahesh Vyas said. He noted that the last four weeks have seen a particularly sharp deterioration in labour market conditions.
